The government directs to prioritize oil investments in the western and central regions, says Oil Minster

 
Baghdad - INA 
Oil Minister Hayan Abdul Ghani confirmed on Sunday, that the government directed to prioritize oil investments in the western and central regions. 
 
Abdul Ghani said at the commencement of the inaugural Iraq Oil Projects Conference and Licensing Rounds Exhibition, "committing to the leading role of the Ministry of Oil by providing the necessary and essential resources to finance the Iraqi State and supporting these resources, which multiply financial revenues and provide various opportunities in all sectors, the Ministry has sponsored and supported exhibitions and conferences in the interest of the Iraqi economy."
He explained that "exhibitions and conferences promote economic projects necessary to support the national economy and provide substantial financial resources to support the Iraqi State's budget directly and indirectly, and provide opportunities for local industry in the field of oil, metrochemicals, refineries and other necessary projects".
He added, "The Ministry of Oil is working with international companies specialized in participating in these promising tours and assisting in the implementation of gas investment projects, maximizing its production, and exporting its surplus abroad," stressing that " he Ministry of Oil would provide support to all companies to ensure the success of the rounds by facilitating the necessary procedures for these companies."
 
“Iraq made significant strides in enhancing investment opportunities in the oil sector through petroleum licensing rounds, starting from the first round up to the fifth round, contracts for which were signed at the beginning of this government's tenure," he continued.
 
He also affirmed that the national reserves of oil and gas, with oil reserves now standing at 6 billion barrels and gas reserves at 32 billion standard cubic feet of gas.
Abdul Ghani elaborated that ministry of oil, during the first year of this government, signed a contract to develop the Arido oil field with a production capacity of 250,000 barrels per day, and the completion and operation of the Karbala Strategic Refinery with a capacity of 140,000 barrels per day. It is now in the final stages of final trial operation, operating according to international standards."
"The Ministry has undertaken to study the distribution of production to all regions of Iraq. This is why research and focus on the areas least invested in available oil wealth" He noted. “Most oil and gas investments have been concentrated in the central and southern regions in the previous period, where the main oil production comes from the main governorates of Basra, Maysan and Dhi Qar. The Government and the Ministry of Oil have therefore focused investment from western, central and eastern regions to fill the shortage of gas production necessary to power plants and reduce the import of this material from neighboring countries."
 
He continued, "The sixth licensing round, which was promoted more than three months ago, came to invest gas with (11) gas exploration blocks and three promising oil exploration blocks, most of which focus on the western borders of Iraq, starting from the Syrian-Jordanian and Saudi borders and ending in the provinces of Samawah and Diwaniyah. The fifth complementary licensing round of 16,000 fields and exploratory areas with promising and gas concentrations, concentrated in the south and eastern borders of Iraq, in addition to many achievements to operate as an accelerated phase for the Akkas gas field and operate the first phase of liquid separation for the Basra Gas Company, firing 200 million cubic feet per day, and operating the liquid gas depot In heaven."
 
He confirmed that "his Ministry has successfully signed a South of Iraq integrated contract with TotalEnergies, a French gas investment company, from five oil fields with a capacity of 600 million cubic feet of gas per day and the production of 210 1,000 barrels per day of crude oil, as well as the project on the use of seawater for injection purposes ", in addition to establishing a solar power plant with a 1000MW capacity, This plant is the largest solar power plant in Iraq. "
He noted that "the Ministry of Oil has not lost sight of the adoption of renewable energy as part of Iraq's obligations and has obliged companies investing in the implementation of these activities and contracts to adopt solar power in excess of 4000 micro watts".